Wednesday’s auction of oil and gas drilling rights on the Alaskan Coastal Plain was worse than disappointing. The lease offering was a culmination of decades of work, opening to development 1.5 million acres that many considered the biggest single prospect in America. The high expectations fell embarrassingly flat when the bids were opened. Half…
Tehran — The National Iranian Oil Co. on Jan. 11 signed eight more oil projects as part of a $6.2 billion national program started in January 2019 to boost oil production by 355,000 b/d at 33 fields. Eight projects worth $1.2 billion were signed on Jan. 11, potentially boosting oil production by 95,000…
Petroleum Secretary Tarun Kapoor believes that a large number of products, which are used in the oil and gas sector, and are imported at present, should be manufactured in India. “We are looking at a large number of products which are currently being imported. We want them to be made in India. We…
yMumbai: Blending 20 per cent ethanol with petrol can help create economic activity of over Rs 1 lakh crore every year in the country and save precious foreign exchange, Union Petroleum Secretary Tarun Kapoor said on Monday. Currently, the petrol sold in the country has above 5 per cent of ethanol, a bio-fuel extracted…
The government plans to offer viability gap funding (VGF) to attract bidders for the second phase of Indian Strategic Petroleum Reserves, which will add 12 days of crude oil storage, two government officials aware of the matter said. The move is part of India’s efforts to enhance energy security. The second phase will…
Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets. Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas…
Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first US shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It…
The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles around one-third of the world’s waterborne oil, it’s closely watched for signs of disruption. Iranian forces have targeted merchant ships traversing the chokepoint several times…
LONDON: Severe coronavirus restrictions around the world to contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under the strictest restrictions, according to the Oxford stringency index, which assesses indicators such as travel bans and the…
Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) started extracting gas from a new part of the Haripur gas field located in Jaintapur upazila in Sylhet, reports UNB. Gas extraction from the deepest layer- at a depth of 1,998 meters- started on 4 January. Sources at BAPEX said even oil maybe found in…
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